China accuses USA of 'trade bullyism' amid escalating dispute

Chinese importers will look to other countries for products including from New Zealand

Last week, Trump ordered a new package of duties on around $200 billion worth of Chinese goods, with China retaliating with $60 billion in USA goods.

The U.S. has already imposed tariffs on $50 billion worth of Chinese goods, and China has retaliated on an equal amount on U.S. goods.

Defiant in the face of increasing fears about the impact to the USA economy, Trump has threatened to go after all imports from China if the country refuses to change policies he says harm United States industry, particularly the theft of American technology. One of the reasons that China made a decision to cut off talks, according to reports, was the US State Department's crackdown on China's defence agency for purchasing goods from a sanctioned Russian arms exporter. While earlier Chinese retaliation took aim at things such as soybeans, the latest round includes a 10 percent tariff on USA exports of liquefied natural gas, or LNG, the first time Beijing has targeted US energy exports.

The report by the Chinese government said: "It has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China".

LONDON - European and Asian markets were lower on Monday after China said it won't negotiate with the United States on trade if the Trump administration continues to threaten higher tariffs.

Economists warn that a protracted dispute will eventually stunt growth across the globe.

"We are going to win it", US Secretary of State Mike Pompeo said of the trade war on Fox News Sunday.

Beijing's latest tariffs include an additional 5 per cent duty on about 1,600 kinds of U.S. products including computers and textiles and an extra 10 per cent on more than 3,500 items including chemicals, meat, wheat, wine and liquefied natural gas.

But he said that Trump's lack of a clear goal for the trade war - outside of vague assertions about the trade deficit - raises the likelihood that the negotiations could be fruitless.

On Saturday, Beijing cancelled scheduled talks with Washington meant to defuse trade tensions.

Soon after the fresh duties went into effect, China accused the United States of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua news agency said.

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China summoned the U.S. ambassador in Beijing and postponed military talks in protest against a United States decision to sanction a Chinese military agency and its director for buying Russian fighter jets and a missile system. This latest round of tariffs is no exception.

Separately on Monday, Australian investment bank Macquarie said that Mexico stands to benefit the most from rising trade tensions between the USA and China. Business groups say American companies also report Chinese regulators are starting to disrupt their operations through slower customs clearance and more environmental and other inspections.

"The Trump administration must get its position straight though - what does it want from China, and who is empowered as a negotiator by President Trump to bring the deal home?" And President Trump has threatened to tax effectively all of China's imports to the USA - a move China can't match with tariffs alone.

Some analysts say there is also a risk that China could allow its yuan currency to weaken again to cushion the blow to its exporters.

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